Quickbooks desktop ppp loan forgiveness report. I am ready to start a forgiveness application for the 2nd draw loans, but QB desktop reports will not give me any information for the 2nd draw, at least not in the PPP cash compensation report. In the dropdown for Account Type, move down to Income and choose Other Income. The data reflecting on Form W-2s depends on your payroll transactions, like the paychecks in QuickBooks. However, if it isn't beyond a year, you can still run the PPP reports in QBO. After Receiving PPP loan we pivoted our company and hired on new employees to help us put our offerings online. The data you’ll enter include: PPP loan forgiven. This be how you can create an payroll report to simplified the application process. The code at the bottom of the window is 06826 50000. Jan 13, 2021 · On Feb 15 we furloughed almost all of our employees due to the shutdown. Gather the payroll documents you’ll need. The Cash compensation report for PPP Loan Forgiveness reflects certain cash compensation Mar 29, 2024 · Step 3: Set up an expense account. A PPP loan may be forgiven, in whole or in part, if certain requirements are met. They want a report from a 3rd party payroll service or the PPP Cash Compensation Report. Dec 9, 2020 · And yes, it is 32 digits long. These are the Employer Assessed Taxes in the Tax Cost report for Paycheck Protection Program (PPP) loan forgiveness. /Direct Deposit. Below is an example of the PPP Non-Payroll Expense Report. May 14. Since your loan was made before June 5, 2020, you may elect to use either an 8-week or 24-week Loan Forgiveness Covered Period. g. Each borrower has a Loan Forgiveness Covered Period (LFCP). To connect with them, just go to the PPP center of your product and select Live Chat. Apr 6, 2021 · This amount goes into a new non-taxable income account, (perhaps named "PPP Loan Forgiveness") which immediately pays off the loan liability through a journal entry. For now, the deposit goes to the PPP Loan Short term account in QBO. January 20, 2021 04:22 PM. PPP Fact Sheet; Prepare for Loan Forgiveness Press F6 to bring up Open Forms. Feb 22, 2021 · I submitted my paperwork via USPS this week (QuickBooks Capital, Attn: PPP Loan Forgiveness Process, 2700 Coast Avenue, Mountain View, CA 94043); and also sent to the email address listed in one of the threads "ppp at intuit dot com". . Nov 17, 2021 · In the meantime, you'll want to run any payroll report available in QuickBooks Desktop that you can use. I’m more than happy here to assist you further. 2021-48 statement that you can review on the Forms tab under Statements. I'm here to help you include the loan forgiveness in Form W-2 of your QuickBooks. Apply now. You'll have to create a journal entry to debit the PPP Loan account for the amount forgiven, and credit the new PPP Loan Forgiveness account or sub-account for the amount of expenses to total the forgiven amount. I have made a journal entry dated 10/13/20 debiting the liability and crediting payroll expenses to eliminate them from my P&L. Select Download Latest Update. Community Champion. Chase) See the screenshot below for reference. The second account – which you’ll create in a similar way Jan 20, 2021 · I was able to prove and get forgiveness of my PPP loan by using payroll $ only. This includes the “PPP Loan Forgiveness Payroll Data Export,” which includes all payroll data for a chosen payroll period. Jul 29, 2022 · Select Reports and select the View near Profit and Loss. The uses of the PPP loan proceeds listed below pertain to the forgivable amount of a PPP loan, and are not the only allowable May 10, 2021 · What we are trying to convey to you is that we need an extension on the report capabilities. Oct 19, 2020 · As long as you have the supported QuickBooks Desktop version, you can access the PPP Cash Compensation and PPP Average Monthly Payroll Cost Reports. The final decision to forgive the loan and the amount approved is still determined by the SBA. Company ABC is a small business, they have a loan from the bank of $ 100,000 to support the operation during the pandemic. Mar 23, 2021 · Thank you for posting here in the Community. Also keep an eye on this IRS fact sheet. Step 2: Start your application Apply for the PPP loan within QuickBooks Capital. Yes, you got it. The first step in recording PPP loan forgiveness in QuickBooks is to create a designated income account specifically for the forgiven amount, ensuring proper classification and tracking of the forgiven funds. In this video I walk through how to record PPP loan forgiveness in Quickbooks. To know more about the PPP Loan, you can check out this article: What you need to know about the Paycheck Protection Program Apr 17, 2020 · In the Journal Entry page, select the asset account for the PPP Loan Forgiveness and enter the amount in the Credits column. May 16, 2021 · Under Paycheck Protection Program (PPP), click the Get payroll reports for PPP Loan Forgiveness hyperlink. Tick your Download Entire Update checkbox. We need the. Since you don't have the option to apply for the PPP loan on your QuickBooks Desktop, I would recommend checking this with our PPP Support. We didn't hire back our other employees. Enter the account name for the interest payments or fees and charges. May 1, 2020 · Select Save and close. 0 Cheer Example. This is a known issue: bank-doesn-t-accept-qbo-payroll-as-third-party-payroll-provider They were not accepting QB payroll reports Jan 24, 2021 · To get further assistance on mailing the loan forgiveness application, I recommend contacting our PPP support team. I am using Desktop Accountant 2020 Version & yes I have this most recent u Mar 1, 2021 · How is the PPP Loan Forgiveness handled for tax purposes in an SCorp given the December 2020 ruling? Where is it discussed within TurboTax for Business? Thank you! Jun 18, 2020 · I found a duplicate post of your concern and my colleague ReyJohn_D have already responded and shared some information about PPP Forgiveness. Choose a Report type. ER PPP Loan Forgiveness Tax Cost Report Abbreviation. (Video) PPP Loan Forgiveness: A Step-By-Step Explainer with Q&A. May 18, 2021 · Starting today, eligible QuickBooks ® customers who received their first Paycheck Protection Program (PPP) loan of $150,000 or less through QuickBooks Capital in 2020 can now access their online loan forgiveness application experience. ago. /Direct Deposit screen. Apr 15, 2021 · We used Form 3508S for $150,000 or less. iodine_iron • 2 yr. #1 could turn into a grant loan (Forgiveness of loan) Jan 6, 2021 · So once you have received the document, you are in the clear to write that loan off! One last thing before you watch my YouTube video on how to record PPP forgiveness in Quickbooks Online. Select the Miscellaneous section along the top of the input. PPP Loan Forgiveness: IRS Form 1120-S, U. Any funds spent after the 8-week covered period would have to be repaid. For an 8-week LFCP, that total is $15,385 ( ($100,000. Jul 9, 2020 · At this time, you can run two reports for the calculations of CARES SBA-PPP and Loan Forgiveness FTE Comparison in QuickBooks Desktop (QBDT) and QuickBooks Online (QBO). After dismissing that, another window pops up that says: Feb 15, 2024 · To generate a PPP forgiveness statement: Go to Screen 3, Miscellaneous Info. The bank is not accepting the QBO Payroll Reports I am running for the PPP Forgiveness because they do not believe it is a third party payroll provider due to lack of QBO Logo included on the reports Letterhead I am assuming. Oct 1, 2021 · AND STILL THE QUICKBOOKS ENGINEERS ARE UNABLE TO PROVIDE us with the reports necessary to have the lending institutions forgive the 2nd tranche of PPP loans. S. Apr 9, 2021 · This amount goes into a new non-taxable income account, (perhaps named "PPP Loan Forgiveness") which immediately pays off the loan liability through a journal entry. You can only change it to 8 weeks if you received the PPP loan funds before June 5, 2020 . Learn how to download your Payroll Costs for PPP Loan Forgiveness Determination report Learn how QuickBooks Online and Desktop populates the lines on the Form 941 Jun 4, 2020 · PPP Reports QuickBooks has also created two new reports within the PPP Center to assist with tracking and applying for loan forgiveness. For the FTE calculations, you can run a payroll summary report that should show hours for each employee during the period. GOV decides to make up to 6 months (could be less time), of your qualified monthly loan payments (principal, interest, associated fees) on a qualified loan (they are not referring to the 1st or 2nd PPP Loan, nor are they referring to the EDIL Loan). If you received a PPP loan within QuickBooks Capital, you can restart QuickBooks Desktop and select the PPP notification in the payroll center. Sep 21, 2021 · Did your bank or SBA actually accept your report? They did not accept my report from QuickBooks multiple attempts using different payroll reports. org - PPP Loan Forgiveness - how to record in Quickbooks. Per the revised rules om forgiveness, a sole proprietor or LLC simply records the forgiveness as non-taxable grant, but an S corporation must add the forgiven amount to company basis, which means equity in a nutshell. I've also added these articles for more information about the PPP loan forgiveness reports: Understanding your Tax Cost report for PPP Loan Forgiveness Apr 11, 2021 · Let me give you information about PPP loan forgiveness. Click on Miscellaneous Information. This process is going to work if your loan was originally recorded in Quickbooks as a liability. Apr 8, 2020 · Deposit. Info. Borrowers can apply for loan forgiveness through their lender. To reach them, you can go to the PPP center of your product and select Live Chat. It will provide more information to know about the PPP loan. Then export the report to Excel. Now to calculate these amounts, consider reading the Table 2 section in this article: Understanding your Cash compensation report for PPP Loan Forgiveness. When I received my PPP loan I created a long term liability account to register the deposit. The company ABC has received a loan from the bank of $ 100,000. August 09, 2020 01:07 PM. I mailed my form and all required documentation on Jan 27th and have heard nothing from them. Nov 24, 2020 · Under Section 1112 of the CARES ACT, if SBA. Since you need to include loan forgiveness, you should perform the adjustments on your prior payroll. Many businesses who received Jan 12, 2023 · For example, if you received your PPP loan funds on Monday, April 20, the first day of your Loan Forgiveness Covered Period is Monday, April 20. May 7, 2020 · Does the 8-week payroll forgiveness period use accrual or cash payroll amounts? I had a 2-week pay period the Friday before I received loan on Monday. The liability for the note was created when we received the original loan several years ago. - Second date: 8 weeks after your lender sent you the funds. Apr 28, 2020 · Keep in mind to record it in the name of the bank you received it from, you're paying back or being forgiven by your bank, not the SBA. Aug 25, 2021 · Has anyone been abler to run to PPP Loan Forgiveness reports for Round 2 loans conventional in 2021? The QBs article says to executable the PPP Abandonment Payroll Cost Report - however this how is nay listed to my reports menu. 5x monthly payroll expenses represent forgiveable. Chase) 2) PPP Loan Long Term - Bank Name (e. Choose Get Payroll Updates. 4) Then, complete your PPP loan forgiveness form 3508S from step 1 with the info from steps 2 and 3. Mar 30, 2021 · This way, they can help process your loan forgiveness. On the second line, select your bank account from the Account dropdown. Maintain the same number of employees on the payroll. Rest assured, our product engineers are diligently working for a fix. Here’s guidance from SBA and Treasury and the related Instructions for Borrowers to confirm current program rules. Jan 19, 2021 · QuickBooks Capital will soon provide an easy to use, automated, second PPP loan application experience for certain eligible QuickBooks customers seeking a second PPP loan up to $150,000. • In the Chart of Accounts, select Account , then select New • Select Other Account Types, then choose Other Income • Click Continue • Enter a name for the account, like “PPP Loan Forgiveness” • Click Save and Close May 14, 2021 · Best Answers. Enter the loan information for 2021 and/or 2020. For the Detail Type, pick Other Miscellaneous Income. Your Loan Forgiveness Covered Period ends at the end of the 8 or 24 weeks. This statement will be included in the e-filed federal return. To apply for forgiveness for your second draw loan, you must have completed the forgiveness process for your first draw loan. If you have any questions feel free to reply below. How do we calculate our Salary reductions for forgiveness? Mar 9, 2021 · However, for the process of your PPP loan forgiveness, it would be best to reach out to our PPP support team for legal/liability reasons. I am just looking for information on how to account for the payments being made on our behalf to the bank for the six month period under the CARES Act. Jul 27, 2020 · http://QBUniversity. 2. In November 2021 the IRS issued three Revenue Procedures (RP 2021-48, RP 2021-49, and RP 2021-50) providing guidance for reporting excludable income resulting from the forgiveness of Paycheck Protection Program (PPP) loans. Employer Assessed Tax. Eligible businesses will be able to quickly apply for a second PPP loan using their business data already available in their QuickBooks account. When prompted, accept the option to install the new release. I would create two new accounts: 1) PPP Loan Short Term - Bank Name (e. Run a report to see how much you've spent: Go to Reports and select Profit & Loss. You should select a time period consistent with the SBA’s guidance on payroll costs eligible for forgiveness. Dec 4, 2020 · For the QuickBooks Desktop Cash compensation report for PPP Loan Forgiveness. Mar 15, 2021 · I finally was able to get a mailing address : ppp - loan - forgiveness -form-3508s. If you recorded it as income or something else, the process Feb 27, 2023 · SOLVED•by QuickBooks•13•Updated February 27, 2023. Hello @vintshave, Yes, you can file your report even if you haven't finished the 24 weeks of the Loan Forgiveness Covered Period. Apr 6, 2021 · Unfortunately, there is not a single QuickBooks report that creates a summary with a running balance for purposes of helping your client be prepared to apply for PPP loan forgiveness. On the first line, choose the liability account you just created from the Account dropdown. First, let's create a new account to record the use of the PPP loan funds. PPP Cash Compensation, PPP FTE, PPP Average Monthly Payroll Costs, PPP Tac Credit reports to accept us using the dates of April 2021 - December 31,2021. Oct 5, 2020 · Thus, the $6,523. If you want to attach multiple PPP loan statements, you must create your Jun 9, 2020 · Then, create a journal entry to deposit that loan money into your bank account. In the particular Account Name field like “ PPP Loan Before you pull your reports for your lender, be sure to check that you’ve uploaded all of your data from your loan forgiveness Covered Period into QuickBooks. If you need to see how much you’ve spent on non-payroll expenses that may be eligible for loan forgiveness, you can run a PPP Non-payroll Expenses Report. Once done, press Save and Close. Department of Treasury on the PPP are evolving rapidly. Complete the applicable fields in the PPP Loan Forgiveness Statement section. If you're a recipient of a PPP loan, you may apply for forgiveness and have all or part of your loan forgiven if you meet certain requirements. Select Expense, then Continue. Jul 1, 2021 · After your lender determines how much of the loan is forgiven, you can transfer the forgiven amount. Before you use the data in Jul 28, 2021 · Review these documents before you apply for loan forgiveness. Let me show you how: In the top menu bar, go to Employees. QuickBooks – QuickBooks Desktop Payroll and 1. Debit banking. Please prepare the journal entry for PPP loan forgiveness. Regulations and guidance from the SBA and the U. Having recently paid for renewals of QuickBooks Desktop Accountants, QuickBooks Enterprise and the annual Pro Advisor fee, I wonder if any others have had thoughts of approaching a law Jun 10, 2021 · Here's an article that contains all you need to know about PPP Cash Compensation Report in QuickBooks Desktop: Understanding your Cash compensation report for PPP Loan Forgiveness. By Michael Cohn. I'll be here to lend a hand. Ok. Have a good one. 00/52)*8). Step:3 Next, Choose Other Income as the type of account for your entry. End date: 8 or 24 weeks after the date you received your PPP funds. For a 24-week LFCP, that total is $46,154 ( ($100,000. Please address to Intuit Financing Inc. (As stated by others it is spelled out because Intuit will delete the address. Aug 29, 2022 · Get answers for QuickBooks Desktop Payroll US support here, 24/7. Note: Cross River Bank is the lender, but Quickbooks Capital is the lender We would like to show you a description here but the site won’t allow us. Also, you can use this direct link to get in touch with them. On any report ran in QB it asks you a period. Click here to view details on Paylocity PPP reports. Businesses and organizations that meet the standards set by the SBA may qualify for a second loan. you'll have to select a time period consistent with the SBA’s guidance on payroll costs eligible for forgiveness. Reach out to me with whatever questions you may have about QuickBooks. Type in PPP to find the PPP loan forgiveness statement, then press OK. Sep 12, 2023 · Your loan may be forgiven, in whole or in part, if you use the funds as outlined by the SBA. Step:4 Once done click Other Miscellaneous Income when the Aug 12, 2021 · And it's the possible reason why your PPP reports are blank. Forgiveness is open now for all first and second PPP loans, so apply today and avoid worrying about it later. Aug 5, 2020 · You can apply for a Paycheck Protection Program (PPP) loan forgiveness if certain requirements are met. Sep 14, 2020 · Lastly, I've also included this helpful article for ideas about how the data is populated base on the affected account for your PPP report: Understanding your Cash compensation report for PPP Loan Forgiveness. The Cash compensation report for PPP Loan Forgiveness uses the time period you select for purposes of your PPP Loan Forgiveness Application (“selected period”). Credit PPP Loan or whatever you want to call it as a liability. john-pero. View solution in original post. Eligible QuickBooks Online Payroll customers should sign into their QuickBooks account to access the first Feb 6, 2021 · PPP Forgiveness. The PPP originally required business owners to spend PPP funds within an 8-week covered period to qualify for loan forgiveness. May 26, 2020 · Under the PPP, loans upward up 2. My loan was 100% forgiven on 10/13/20. Dec 9, 2020. Here's how: Go to the + New menu, then select Journal entry. It was only used for payroll, didn't need to track other expenses. Feb 27, 2023 · The Tax Cost report for PPP Loan Forgiveness reflects certain employer state and local taxes assessed on compensation identified in your QuickBooks payroll account, based on the time period you select. But it is recommended to file your report on or before the last day of your 24 weeks covered period because the forgivable amount will be determined within these weeks. 2021-48 statement that you can review on Jul 1, 2020 · When the download finishes, restart QuickBooks. Go to the Employee menu, then Payroll Center, and select the Update application button found on the Your PPP Loan modal. These directions include, but are not limited to, the following criteria: At least 60% of the loan forgiveness amount must be used for eligible payroll costs. AK State Unemployment Insurance. Head into the chart of accounts section on Quickbooks Online (under Accounting) and create 2 accounts. Set the dates, then tap Run report. On the Reports period drop-down, select Custom. Please refer to the PPP Loan Forgiveness Application and to the latest guidance from SBA and Treasury Recording your forgiveness in Quickbooks Online. ) Jan 6, 2021 · A question I hear all the time from business owners right now is, "How do I record my PPP loan forgiveness in Quickbooks?" That’s a valid question, and if yo Feb 2, 2021 · 1. Pick Other Income as the Account Type. The latest update adds a loan forgiveness estimator and PPP-specific reports to QuickBooks Online, among other tools. Jun 24, 2020 · I am also looking for this information. 5) Finally, send the application to QuickBooks Capita, Attn: PPP Loan Forgiveness Processing, 2700 Coast Avenue, Mountain View, CA 94043. This way, they can help process your loan forgiveness application and mail it to the correct address. Jan 21, 2022 · 1065 -Pg 4, Line 18a, is a Quickzoom button for the PPP loan forgiveness statement 1120-S - Sch K, just below line 16B, is a Quickzoom button for the PPP loan forgiveness statement 1120 - Bottom of Pg 2 is a Quickzoom 1040 Sch C - look for the questions at the top of the formthe last is a Quickzoom to the PPP In your QuickBooks account, go to the Accounting tab. Here are the steps to Record the Forgiveness of the PPP Loan on QuickBooks: In the Accounting tab on the left side of the navigation menu, choose Chart of Accounts and then press the button Add a New account. If you can 110% guarantee that it will ALL be forgiven set it up as a short-term liability since the life of the loan is only 8 weeks, If you anticipate that even a portion may not be forgiven (maybe not rehiring enough Full Time Equivalents by June 30) set it up as long term as it has a 2 year repayment plan. For the transaction that shows up in the Banking page, you'll want to match it to the one recorded in QuickBooks. Feb 27, 2023 · Under PPP Guidance, the total amount of cash compensation eligible for forgiveness per individual employee may not exceed an annual salary of $100,000, as prorated for the LFCP. You can refer to this screenshot: Additionally, you may check the other links from the Compliance page. 6) Create a new account to record the use of the PPP loan funds. Documents needed for loan forgiveness include, but may not be Aug 30, 2022 · Follow the steps given below to account for PPP loan forgiveness on QuickBooks: Step:1 First, open the Accounting Tab in your QuickBooks account. The Premier Non-Profit QuickBooks 2015 Edition is a discontinued and no longer supported version of QuickBooks, the reason why these reports are not on your choices from the drop-down menu. 00/52)*24). Aside from the loan application form, we also submitted the supporting documents for the payroll, bank statements, copies of bills and payments and an itemized spreadsheet with everything we used the PPP loan for. Sep 7, 2020 · Bank doesn't accept QBO Payroll as Third Party Payroll Provider for Reports in PPP Loan Forgiveness. Entering both transactions in a single income account leads to problems if the proceeds and forgiveness happen in different years (2020 and 2021), or if the loan isn't completely Jul 7, 2021 · QB desktop has good reports for use in the PPP loan forgiveness process but only works for the First draw loans taken in 2020. * For PPP loan forgiveness see this article ** PPP Loan Forgiveness: Small businesses and self-employed apply for a Paycheck Protection Program loan under the CARES Act as an incentive for them to retain employees during the COVID-19 pandemic. On the Tags dropdown, select your PPP Loan tag. Step 1: Create an Income Account for PPP Loan Forgiveness. The PPPFA extends the covered period from 8 weeks to 24 weeks Jan 18, 2021 · Anyone know the correct accounting entries for a forgiven ppp loan for an s-corp? Close out the liability (loan) and book to equity? Thanks in advance for any assistance. Maintain employee* salary levels. 08 amounts reflected in your report are the employee's paychecks created within 8 or 24 weeks (selected period) before the loan disbursement date which is 04/14/2020. The first one will be a long term liability account type, with the detail type notes payable, and you’ll name it PPP loan. I have the loan in "long term liabilities" currently. you may mail your completed forgiveness paper application to 2700 Coast Avenue, Mountain View CA 94043. Enter the loan amount in the Credits column. Paylocity – Paylocity has released a series of reports to help customers complete their loan forgiveness application. Click on the Misc. Create an expense account so you can track interest payments or fees and charges. Scroll down to the Smart worksheet and enter the information for any PPP loans forgiven for 2020 or 2021. ProSeries will include this statement with the e-filed return. Need more help? Apr 3, 2023 · To close the PPP liability account, you will need to make a journal entry: debit PPP Loan (other current liability), credit PPP Loan Forgiveness (other income). When I click the link to generate the report in payroll center, it gives me “QB Payroll Setup 2020-Error” with a request to send the report. Quickbooks Capital acts as the intermediary between the borrower and the SBA. Jun 1, 2020 · The Public Company Accounting Oversight Board updated its standard-setting, research and rulemaking agendas to reflect recent progress on modernizing the its older standards and rules. PPP Expense Report: A fully-customizable profit and loss report that can be used to track selected eligible PPP expenses. The program will generate a Rev. To reach them, you can go to the PPP Center of your product and select Live Chat. Choose Chart of Accounts then click New. It will help you with any PPP concerns you may have. You can generate Excel-based payroll reports from the system. Also see our main article on Paycheck Protection Program loan forgiveness. But at this time, we got some reported issues that payroll reports for PPP Loan Forgiveness showing as blank. If your client has employees, their loan forgiveness amount may be Oct 18, 2021 · It's the TCI who will service your loan if it's not forgiven. Once you receive a notification of the loan forgiveness, you'll have an option to pull it up inside QBDT's payroll center, Otherwise, you can Apr 20, 2020 · More guidance/clarification is needed on this issue. Enter your covered period: - First date: the day your lender sent you the funds. The information below is based on the current rules set forth by the SBA and is subject to change. Income Tax Return for an S Corporation. Reply. Right-click anywhere, then select New. I have seen other post saying to credit "other income" but that creates income with tax liability correct? Any suggestions or direction on crediting payroll to offset Sep 16, 2021 · Let's try checking if QuickBooks is up-to-date with our latest payroll release to run the PPP Forgiveness Payroll report for the second draw loans. The PPP offers government-backed, forgivable loans to eligible businesses and organizations. To attach a PPP loan forgiveness statement: On the left-side menu, select General. Go to the Lists menu, then select Chart of Accounts. The PPP Flexibility Act increases the covered period from 8 weeks to 24 weeks. The entire group of documents was a total of 7MB (All are in PDF format) and fit in one email. They gather the required information and documentation to submit the PPP Loan Forgiveness Application to the SBA. Before you use the payroll data in this report as part of a PPP Loan Forgiveness Application, you must read and understand the important information below regarding (1) how we identify and calculate the payroll costs reflected on this report (2) guidelines for use of the report (including how it may be overinclusive and underinclusive of To generate a PPP forgiveness statement: On the left-side menu, select General. Feb 20, 2021 · How to record partial PPP loan forgiveness in Quickbooks walks you through how to record partial forgiveness of your PPP loan. Step:2 Then, Select Chart of Accounts and press on the new option. On the date picker, select Custom then enter your covered period: Start date: the day your lender sent you the funds. Let's also make sure you're using the Aug 11, 2021 · The SBA did not accept any payroll reports from QuickBooks other than the PPP Cash Compensation Report on my first round loan forgiveness. The Tax cost report for PPP Loan Forgiveness uses the time period you select for purposes of your PPP Loan Forgiveness Application (“selected period”). For the second line, choose the liability account and enter the amount in the Debits field. Proc. If there's anything else that I can help you with, let me know in the comments. Then, to be updated for the latest information about PPP, please head to the Microsite at this link . You’ll need to verify the number of employees on the payroll and their pay rates for your loan forgiveness covered period after the lender sent your PPP loan funds to you. Sep 7, 2023 · Some or all of the loan may be forgiven if certain requirements are met. They only accepted the PPP Compensation Report because they think it came from QB payroll services due to the QB logo. Jan 29, 2021 · The PPP loan had reopened last January 11, 2021. The compnay has decided to apply for the PPP loan forgiveness and get approval. kl yw ss zh vt wh qv ui qk px